Brazil Equity

  • Sinal
  • Long Only
  • Long & Short

Sinal

As of July 31, 2025

Portfolio

As of July 31, 2025

% of NAV TimingLong BiasLong Only
SMAL11 -92.6423.68100.00
Caixa (Cdi) 192.6476.320.00

Performance

As of July 31, 2025

No description has been provided for this image
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 7.9 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.9
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 -1.6 -8.4 -29.9 10.3 8.6 8.8 8.3 -3.4 -4.8 -0.7 15.9 9.3 12.4
2021 -3.3 -4.4 6.0 1.9 6.2 0.5 -3.9 -2.5 -6.6 -6.7 -1.5 2.9 -11.4
2022 7.0 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.0
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 14.7 0.6 -1.7 6.4 -9.5 0.3 1.2 -2.3 0.6 7.7 6.8 6.1 30.9
2007 0.4 -1.7 4.4 6.9 6.8 4.1 -0.4 0.8 10.7 8.0 -3.5 1.4 37.9
2008 -6.9 6.7 -4.0 11.3 7.0 -10.4 -8.5 -6.4 -11.0 -24.8 -1.8 2.6 -46.2
2009 4.7 -2.8 7.2 15.6 12.5 -3.3 6.4 3.1 8.9 0.0 8.9 2.3 63.5
2010 -4.6 1.7 5.8 -4.0 -6.6 -3.3 10.8 -3.5 6.6 1.8 -4.2 2.4 2.9
2011 -3.9 1.2 1.8 -3.6 -2.3 -3.4 -5.7 -4.0 -7.4 11.5 -2.5 -0.2 -18.5
2012 11.1 4.3 -2.0 -4.2 -11.9 -0.2 3.2 1.7 3.7 -3.6 0.7 6.1 8.9
2013 -2.0 -3.9 -1.9 -0.8 -4.3 -11.3 1.6 3.7 4.7 3.7 -3.3 -1.9 -15.7
2014 -7.5 -1.1 7.0 2.4 -0.7 3.8 5.0 9.8 -11.7 0.9 0.2 -8.6 -0.5
2015 -6.2 10.0 -0.8 9.9 -6.2 0.6 -4.2 -8.3 -3.4 1.8 -1.6 -3.9 -12.3
2016 -6.8 5.9 17.0 7.7 -10.1 6.3 11.2 1.0 0.8 11.2 -4.6 -2.7 36.9
2017 7.4 3.1 -2.5 0.6 -4.1 0.3 4.8 7.5 4.9 0.0 -3.1 6.2 25.1
2018 11.1 0.5 0.0 0.9 -10.9 -5.2 8.9 -3.2 3.5 10.2 2.4 -1.8 16.4
2019 10.8 -1.9 -0.2 1.0 0.7 4.1 0.8 -0.7 3.6 2.4 0.9 6.8 28.3
2020 -1.6 -8.4 -29.9 10.3 8.6 8.8 8.3 -3.4 -4.8 -0.7 15.9 9.3 12.4
2021 -3.3 -4.4 6.0 1.9 6.2 0.5 -3.9 -2.5 -6.6 -6.7 -1.5 2.9 -11.4
2022 7.0 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.0
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
bolsa_timing_long_bias
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 1.6 -2.7 3.2 6.7 7.1 0.2 -3.9 – – – – – 12.2
bolsa_timing_long_bias
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 3.2 -3.1 3.5 -4.6 0.5 -0.2 1.2 5.8 -2.9 1.5 -3.7 -0.0 1.2
2023 -0.9 -0.9 -0.4 0.5 12.9 9.6 2.7 -5.2 -0.8 -1.3 6.5 8.4 31.1
2024 -7.9 -0.6 0.4 -1.6 -0.6 0.6 -0.6 3.0 -3.1 0.4 -1.1 0.3 -10.8
2025 1.6 -2.7 3.2 6.7 7.1 0.2 -3.9 – – – – – 12.2
bolsa_timing_long_bias
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 0.3 -6.4 -3.0 0.2 2.3 8.6 8.9 -2.1 -2.5 -2.9 6.9 7.2 17.5
2021 -4.1 0.4 -0.5 1.5 3.5 1.0 -3.4 -0.4 0.0 -0.5 -0.8 0.9 -2.4
2022 2.1 -3.1 3.5 -4.6 0.5 -0.2 1.2 5.8 -2.9 1.5 -3.7 -0.0 0.1
2023 -0.9 -0.9 -0.4 0.5 12.9 9.6 2.7 -5.2 -0.8 -1.3 6.5 8.4 31.1
2024 -7.9 -0.6 0.4 -1.6 -0.6 0.6 -0.6 3.0 -3.1 0.4 -1.1 0.3 -10.8
2025 1.6 -2.7 3.2 6.7 7.1 0.2 -3.9 – – – – – 12.2
bolsa_timing_long_bias
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 19.3 1.6 -1.6 -0.2 -5.2 1.5 -0.9 0.3 1.0 7.1 13.0 10.2 46.1
2007 -5.1 -0.5 0.7 8.4 12.8 2.0 0.6 -2.6 3.6 2.9 -3.3 0.1 19.6
2008 -1.6 4.2 -3.6 3.9 7.5 -5.0 0.8 -4.0 -4.6 -0.2 1.0 3.2 1.6
2009 -0.4 -2.8 2.9 28.3 11.0 -0.6 12.0 7.2 5.6 5.0 7.1 3.0 78.3
2010 -1.9 -0.2 -1.5 -0.5 -2.1 1.7 10.0 -0.1 4.7 4.9 -0.8 1.1 15.3
2011 -1.5 0.2 2.4 0.5 -0.2 -0.9 -1.1 2.1 -3.7 5.1 -4.8 0.6 -1.3
2012 6.8 10.4 2.0 -0.5 -7.2 -0.2 0.3 8.7 3.3 -0.9 -0.6 7.9 30.0
2013 -0.5 -0.0 -1.7 -0.1 -1.3 -0.0 1.4 -1.5 1.8 -1.1 -1.3 0.2 -4.1
2014 -0.1 1.0 3.3 -1.8 0.3 2.1 -3.7 9.2 -8.9 -4.9 1.0 -5.1 -7.6
2015 -4.5 2.0 -0.5 2.1 -2.0 0.4 -1.7 0.9 0.5 1.5 -1.9 0.0 -3.2
2016 0.5 1.3 9.9 3.8 -4.9 4.3 19.8 -0.3 -1.5 8.3 -9.2 1.1 33.1
2017 11.2 6.6 -2.1 2.0 -6.3 -0.3 7.4 10.0 4.3 -1.0 -1.4 3.6 34.0
2018 4.8 -1.8 -0.3 0.6 -4.3 0.3 1.5 -1.5 0.2 11.0 5.1 1.1 16.7
2019 12.9 -2.9 -1.8 0.4 0.6 9.3 9.0 -2.3 2.6 1.7 4.6 15.0 49.1
2020 0.3 -6.4 -3.0 0.2 2.3 8.6 8.9 -2.1 -2.5 -2.9 6.9 7.2 17.5
2021 -4.1 0.4 -0.5 1.5 3.5 1.0 -3.4 -0.4 0.0 -0.5 -0.8 0.9 -2.4
2022 2.1 -3.1 3.5 -4.6 0.5 -0.2 1.2 5.8 -2.9 1.5 -3.7 -0.0 0.1
2023 -0.9 -0.9 -0.4 0.5 12.9 9.6 2.7 -5.2 -0.8 -1.3 6.5 8.4 31.1
2024 -7.9 -0.6 0.4 -1.6 -0.6 0.6 -0.6 3.0 -3.1 0.4 -1.1 0.3 -10.8
2025 1.6 -2.7 3.2 6.7 7.1 0.2 -3.9 – – – – – 12.2
bolsa_timing
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 -5.5 0.2 -2.6 1.9 6.4 -0.6 1.7 – – – – – 1.5
bolsa_timing
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 -0.9 -0.6 -2.4 -0.2 2.5 19.5 -3.2 0.4 -4.0 -4.3 4.0 2.1 12.9
2023 -4.9 9.4 1.4 -1.6 8.3 8.5 1.6 0.2 2.5 8.0 -2.2 7.5 38.7
2024 -6.5 -1.7 -2.0 8.3 3.8 1.6 -3.1 0.1 0.3 2.9 3.8 10.0 17.5
2025 -5.5 0.2 -2.6 1.9 6.4 -0.6 1.7 – – – – – 1.5
bolsa_timing
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 0.1 -1.2 14.4 -4.3 0.5 5.3 7.5 -2.8 1.2 -3.5 -3.8 5.9 19.3
2021 -4.5 2.8 -6.2 -1.6 0.1 0.7 -0.2 3.2 7.0 12.9 0.3 -2.5 12.0
2022 0.4 -0.6 -2.4 -0.2 2.5 19.5 -3.2 0.4 -4.0 -4.3 4.0 2.1 14.2
2023 -4.9 9.4 1.4 -1.6 8.3 8.5 1.6 0.2 2.5 8.0 -2.2 7.5 38.7
2024 -6.5 -1.7 -2.0 8.3 3.8 1.6 -3.1 0.1 0.3 2.9 3.8 10.0 17.5
2025 -5.5 0.2 -2.6 1.9 6.4 -0.6 1.7 – – – – – 1.5
bolsa_timing
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 19.0 0.9 -2.3 -1.3 -0.6 -1.3 -1.5 -3.3 -1.9 4.6 12.2 10.1 34.6
2007 -6.0 -1.4 -2.4 6.9 12.4 0.5 0.8 1.2 1.2 0.1 2.9 0.9 17.1
2008 14.3 -0.1 8.2 -6.2 2.6 3.1 5.5 7.6 20.3 11.9 0.9 1.8 69.9
2009 -1.5 -0.1 2.7 20.7 9.3 -1.7 6.7 5.8 3.2 7.1 1.6 0.9 54.7
2010 0.3 -3.8 -1.3 -0.5 -0.2 -0.1 7.4 -0.5 3.8 2.9 -0.5 0.0 7.5
2011 6.9 -0.6 -2.0 1.0 -0.2 1.5 5.6 10.7 1.6 1.2 -3.6 0.4 22.5
2012 2.4 7.8 1.7 -0.3 1.5 -1.1 -2.0 6.5 2.6 -0.6 -0.2 6.7 25.0
2013 -1.2 -0.1 2.5 0.1 0.3 15.4 2.0 -0.3 -3.4 -0.3 -1.2 3.1 16.9
2014 13.1 3.5 0.8 -1.8 -0.4 0.8 -2.4 8.2 -4.5 -6.6 1.9 0.2 12.8
2015 9.2 -3.6 -2.0 0.4 -0.3 2.8 2.2 16.3 4.6 -4.3 -1.0 7.8 32.1
2016 13.9 -3.4 4.9 1.8 -3.5 -3.2 19.2 -0.3 -2.6 7.1 -6.2 3.2 30.9
2017 6.8 5.5 -1.7 -0.5 -10.1 -0.6 3.7 8.3 3.8 0.4 0.5 -2.3 13.8
2018 3.8 -2.8 -0.5 -2.0 7.9 3.7 -3.7 3.1 3.1 5.4 4.0 -0.5 21.5
2019 12.7 -3.0 -3.5 -1.3 -1.4 8.8 8.7 -4.9 2.4 0.4 2.1 12.1 33.1
2020 0.1 -1.2 14.4 -4.3 0.5 5.3 7.5 -2.8 1.2 -3.5 -3.8 5.9 19.3
2021 -4.5 2.8 -6.2 -1.6 0.1 0.7 -0.2 3.2 7.0 12.9 0.3 -2.5 12.0
2022 0.4 -0.6 -2.4 -0.2 2.5 19.5 -3.2 0.4 -4.0 -4.3 4.0 2.1 14.2
2023 -4.9 9.4 1.4 -1.6 8.3 8.5 1.6 0.2 2.5 8.0 -2.2 7.5 38.7
2024 -6.5 -1.7 -2.0 8.3 3.8 1.6 -3.1 0.1 0.3 2.9 3.8 10.0 17.5
2025 -5.5 0.2 -2.6 1.9 6.4 -0.6 1.7 – – – – – 1.5

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Long Only

As of July 31, 2025

No description has been provided for this image
lo
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 3.0 -2.8 2.4 6.2 4.4 3.2 -4.7 – – – – – 11.7
lo
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 1.9 -0.1 7.9 0.8 2.4 -12.8 5.9 6.5 -1.4 5.8 -4.0 1.3 14.2
2023 5.5 -6.8 -3.8 4.1 8.6 10.4 1.5 -1.3 0.6 -6.7 10.3 6.5 28.9
2024 -1.1 0.4 3.4 -3.2 -3.9 0.5 2.6 7.7 -1.1 1.9 0.8 -5.9 2.1
2025 3.0 -2.8 2.4 6.2 4.4 3.2 -4.7 – – – – – 11.7
lo
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 1.4 -6.9 -13.9 3.1 3.5 5.0 6.1 -4.6 -6.0 -2.6 10.2 10.0 5.3
2021 -2.2 0.1 9.3 8.4 4.4 -1.4 -3.4 -0.8 -1.7 -3.8 0.3 6.9 16.1
2022 0.4 -0.1 7.9 0.8 2.4 -12.8 5.9 6.5 -1.4 5.8 -4.0 1.3 12.7
2023 5.5 -6.8 -3.8 4.1 8.6 10.4 1.5 -1.3 0.6 -6.7 10.3 6.5 28.9
2024 -1.1 0.4 3.4 -3.2 -3.9 0.5 2.6 7.7 -1.1 1.9 0.8 -5.9 2.1
2025 3.0 -2.8 2.4 6.2 4.4 3.2 -4.7 – – – – – 11.7
lo
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 17.1 2.4 -0.2 3.1 -7.7 0.8 3.2 0.8 -0.2 4.2 10.4 9.0 42.9
2007 3.7 0.8 3.0 8.6 4.6 3.8 1.4 2.1 3.5 2.9 -2.4 3.2 35.2
2008 -3.7 5.0 -1.5 10.9 6.2 -3.8 -0.9 -8.7 -5.5 -4.3 3.8 -1.4 -3.9
2009 -0.3 3.3 0.4 6.7 6.1 0.9 9.2 4.8 7.1 -1.7 6.3 7.3 50.1
2010 1.2 -1.0 0.1 1.4 -1.5 6.7 6.5 2.8 5.4 5.8 1.5 2.5 31.4
2011 -2.6 1.3 7.2 4.1 4.1 -0.4 -4.3 -3.9 -2.9 6.5 1.9 5.4 16.4
2012 2.4 8.5 6.8 2.4 -7.2 5.0 2.2 -1.4 1.2 3.9 0.9 4.9 29.6
2013 3.1 0.7 1.4 -0.4 -2.2 -7.0 1.4 -2.1 2.1 4.4 -1.2 -1.7 -1.5
2014 -8.2 -2.2 5.4 3.4 0.6 6.4 -1.9 9.8 -10.4 1.4 3.2 -5.4 2.1
2015 -5.4 6.4 4.4 4.4 -1.7 -0.5 -2.4 -8.3 -0.1 3.3 -0.4 -1.6 -1.9
2016 -4.4 4.2 2.6 7.3 -5.2 3.3 10.8 2.8 -1.2 9.8 -9.3 3.1 23.8
2017 11.0 9.4 -2.0 3.2 -0.7 0.9 6.6 6.4 8.1 0.1 0.4 7.5 50.9
2018 5.1 1.8 1.1 4.7 -6.0 -0.4 5.3 1.9 -1.1 2.9 1.9 2.8 20.0
2019 10.8 0.9 0.6 3.8 6.3 4.8 4.6 3.4 0.6 0.6 7.8 10.7 54.9
2020 1.4 -6.9 -13.9 3.1 3.5 5.0 6.1 -4.6 -6.0 -2.6 10.2 10.0 5.3
2021 -2.2 0.1 9.3 8.4 4.4 -1.4 -3.4 -0.8 -1.7 -3.8 0.3 6.9 16.1
2022 0.4 -0.1 7.9 0.8 2.4 -12.8 5.9 6.5 -1.4 5.8 -4.0 1.3 12.7
2023 5.5 -6.8 -3.8 4.1 8.6 10.4 1.5 -1.3 0.6 -6.7 10.3 6.5 28.9
2024 -1.1 0.4 3.4 -3.2 -3.9 0.5 2.6 7.7 -1.1 1.9 0.8 -5.9 2.1
2025 3.0 -2.8 2.4 6.2 4.4 3.2 -4.7 – – – – – 11.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 7.9 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.9
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 -1.6 -8.4 -29.9 10.3 8.6 8.8 8.3 -3.4 -4.8 -0.7 15.9 9.3 12.4
2021 -3.3 -4.4 6.0 1.9 6.2 0.5 -3.9 -2.5 -6.6 -6.7 -1.5 2.9 -11.4
2022 7.0 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.0
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 14.7 0.6 -1.7 6.4 -9.5 0.3 1.2 -2.3 0.6 7.7 6.8 6.1 30.9
2007 0.4 -1.7 4.4 6.9 6.8 4.1 -0.4 0.8 10.7 8.0 -3.5 1.4 37.9
2008 -6.9 6.7 -4.0 11.3 7.0 -10.4 -8.5 -6.4 -11.0 -24.8 -1.8 2.6 -46.2
2009 4.7 -2.8 7.2 15.6 12.5 -3.3 6.4 3.1 8.9 0.0 8.9 2.3 63.5
2010 -4.6 1.7 5.8 -4.0 -6.6 -3.3 10.8 -3.5 6.6 1.8 -4.2 2.4 2.9
2011 -3.9 1.2 1.8 -3.6 -2.3 -3.4 -5.7 -4.0 -7.4 11.5 -2.5 -0.2 -18.5
2012 11.1 4.3 -2.0 -4.2 -11.9 -0.2 3.2 1.7 3.7 -3.6 0.7 6.1 8.9
2013 -2.0 -3.9 -1.9 -0.8 -4.3 -11.3 1.6 3.7 4.7 3.7 -3.3 -1.9 -15.7
2014 -7.5 -1.1 7.0 2.4 -0.7 3.8 5.0 9.8 -11.7 0.9 0.2 -8.6 -0.5
2015 -6.2 10.0 -0.8 9.9 -6.2 0.6 -4.2 -8.3 -3.4 1.8 -1.6 -3.9 -12.3
2016 -6.8 5.9 17.0 7.7 -10.1 6.3 11.2 1.0 0.8 11.2 -4.6 -2.7 36.9
2017 7.4 3.1 -2.5 0.6 -4.1 0.3 4.8 7.5 4.9 0.0 -3.1 6.2 25.1
2018 11.1 0.5 0.0 0.9 -10.9 -5.2 8.9 -3.2 3.5 10.2 2.4 -1.8 16.4
2019 10.8 -1.9 -0.2 1.0 0.7 4.1 0.8 -0.7 3.6 2.4 0.9 6.8 28.3
2020 -1.6 -8.4 -29.9 10.3 8.6 8.8 8.3 -3.4 -4.8 -0.7 15.9 9.3 12.4
2021 -3.3 -4.4 6.0 1.9 6.2 0.5 -3.9 -2.5 -6.6 -6.7 -1.5 2.9 -11.4
2022 7.0 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.0
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 6.7 -5.2 8.8 -8.4 -1.8 -16.3 5.2 10.9 -1.8 7.3 -11.2 -3.0 -8.8
2023 2.9 -10.5 -1.7 1.9 13.5 8.2 3.1 -7.4 -2.8 -7.4 12.5 7.0 19.3
2024 -6.6 0.5 2.2 -7.8 -3.4 -0.4 1.5 4.5 -4.4 -1.4 -4.5 -7.8 -27.6
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 0.5 -8.3 -35.1 10.2 5.1 14.4 9.5 -1.2 -5.4 -2.3 16.6 7.5 11.5
2021 -3.4 -1.8 4.6 4.4 6.3 1.3 -5.8 -3.8 -6.4 -12.5 -2.3 3.8 -15.6
2022 3.4 -5.2 8.8 -8.4 -1.8 -16.3 5.2 10.9 -1.8 7.3 -11.2 -3.0 -12.1
2023 2.9 -10.5 -1.7 1.9 13.5 8.2 3.1 -7.4 -2.8 -7.4 12.5 7.0 19.3
2024 -6.6 0.5 2.2 -7.8 -3.4 -0.4 1.5 4.5 -4.4 -1.4 -4.5 -7.8 -27.6
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 14.3 2.0 -0.2 1.0 -7.9 1.1 -0.3 3.2 2.9 7.2 10.0 7.6 40.9
2007 -2.7 0.6 3.7 7.4 9.5 2.8 0.6 -2.9 4.1 4.4 -6.1 -1.3 20.1
2008 -11.1 7.7 -10.4 10.7 10.3 -9.5 -2.7 -10.4 -23.3 -27.0 -2.5 3.8 -64.4
2009 0.0 -4.9 2.6 32.6 12.2 0.6 16.0 7.9 7.4 2.6 12.6 4.8 94.4
2010 -3.7 3.2 -1.4 -0.4 -3.6 3.0 11.9 0.3 5.2 6.3 -1.0 1.9 21.7
2011 -8.3 0.8 6.2 0.1 -0.1 -2.7 -6.4 -2.6 -7.2 6.9 -4.1 0.8 -16.6
2012 8.2 9.4 1.9 -0.3 -11.1 0.9 2.0 8.0 2.9 -0.6 -0.6 6.6 27.3
2013 0.3 0.2 -4.0 -0.2 -2.0 -10.0 0.5 -2.0 5.3 -1.1 -1.0 -1.7 -15.7
2014 -8.5 -1.0 4.3 -1.0 1.1 2.7 -3.4 7.6 -9.4 -1.6 -0.5 -7.3 -17.0
2015 -12.1 5.6 0.9 3.0 -2.4 -1.2 -3.8 -9.1 -2.7 5.5 -2.0 -5.3 -23.6
2016 -8.5 4.7 11.4 5.6 -4.2 9.1 14.6 0.2 0.1 7.0 -8.4 -0.5 31.1
2017 11.4 5.7 -1.5 3.4 -1.0 0.4 8.1 8.6 3.7 -1.5 -2.4 7.0 41.9
2018 4.3 -0.4 0.1 2.4 -11.3 -3.7 5.1 -4.2 -2.0 12.6 4.8 2.1 9.8
2019 9.4 -1.8 0.1 1.7 2.0 7.0 6.8 0.5 2.1 2.3 5.1 12.7 47.9
2020 0.5 -8.3 -35.1 10.2 5.1 14.4 9.5 -1.2 -5.4 -2.3 16.6 7.5 11.5
2021 -3.4 -1.8 4.6 4.4 6.3 1.3 -5.8 -3.8 -6.4 -12.5 -2.3 3.8 -15.6
2022 3.4 -5.2 8.8 -8.4 -1.8 -16.3 5.2 10.9 -1.8 7.3 -11.2 -3.0 -12.1
2023 2.9 -10.5 -1.7 1.9 13.5 8.2 3.1 -7.4 -2.8 -7.4 12.5 7.0 19.3
2024 -6.6 0.5 2.2 -7.8 -3.4 -0.4 1.5 4.5 -4.4 -1.4 -4.5 -7.8 -27.6
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9

Stocks Holdings

As of August 01, 2025

Stocks % of NAV
BMOB3 5.96
SAPR11 5.96
PSSA3 5.96
CSMG3 5.96
ODPV3 5.35
PETR4 5.26
ALOS3 5.22
MYPK3 5.16
VULC3 5.03
TGMA3 4.98
CPFE3 4.96
DIRR3 4.96
ABCB4 4.95
NEOE3 4.75
VLID3 4.71
VIVT3 4.70
VBBR3 4.53
ALUP11 4.42
CMIG4 4.42
MRFG3 2.76
CDI 0.00
Total 100.00

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Sectors Exposure

As of August 01, 2025

Sectors B3 Long OnlyMarket (IBOV)
Utilidade Pública 30.4713.24
Financeiro 16.1330.85
Consumo Cíclico 15.154.79
Petróleo Gás E Biocombustíveis 9.7914.32
Bens Industriais 9.698.23
Tecnologia Da Informação 5.960.89
Saúde 5.353.87
Comunicações 4.703.98
Consumo Não Cíclico 2.768.96
Materiais Básicos 0.0010.86
Caixa 0.000.00
Total 100.00100.00

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Multiples

As of August 01, 2025

Indicators Long OnlyMarket (IBOV)
P/L 8.909.40
P/FCF 4.909.20
EV / FCF 7.908.70
EV / EBITDA 4.204.30
P/B 1.201.40
Div Yield 15.5011.20
ROE 13.4014.80
ROIC 10.8011.10
CROCI 19.5019.10
FCFROIC 11.4010.70
MgBruta 38.1044.00
MgEBIT 20.0025.30
MgLL 8.7018.00
MgFcOp 27.1032.80
MgFCF 15.8018.40
DividaL / PL 0.700.40
EBITDA / DividaL 0.600.70
FCF / PassivoC 0.500.50
Borrow Yield 0.501.20
ADTV (MM) 98.80409.30
wVol 28.0027.50
wBeta 0.800.90

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Long & Short

As of July 31, 2025

No description has been provided for this image
ls
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 1.2 1.3 0.6 -0.4 2.3 4.9 0.8 – – – – – 10.7
ls
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 0.0 3.0 2.5 3.3 4.1 -0.5 0.5 0.2 -0.7 3.0 4.3 1.7 21.4
2023 2.4 2.4 -2.5 -0.5 -1.6 6.1 -1.9 5.7 5.2 3.5 2.2 2.2 23.2
2024 3.9 -0.9 1.2 1.3 -0.5 4.2 1.5 9.6 2.3 1.6 4.7 0.6 29.5
2025 1.2 1.3 0.6 -0.4 2.3 4.9 0.8 – – – – – 10.7
ls
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 4.6 4.6 5.3 -0.2 0.4 -0.4 1.4 -3.1 -1.5 0.2 0.4 3.8 15.5
2021 -0.0 3.9 1.5 5.7 -0.2 -1.4 2.7 4.9 3.8 3.0 -0.4 4.7 28.2
2022 -0.3 3.0 2.5 3.3 4.1 -0.5 0.5 0.2 -0.7 3.0 4.3 1.7 21.1
2023 2.4 2.4 -2.5 -0.5 -1.6 6.1 -1.9 5.7 5.2 3.5 2.2 2.2 23.2
2024 3.9 -0.9 1.2 1.3 -0.5 4.2 1.5 9.6 2.3 1.6 4.7 0.6 29.5
2025 1.2 1.3 0.6 -0.4 2.3 4.9 0.8 – – – – – 10.7
ls
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 8.6 0.4 4.6 0.7 5.4 2.3 5.4 -2.8 -0.4 -1.4 6.6 8.2 37.6
2007 7.4 4.6 5.3 3.2 -2.9 2.5 11.4 7.7 0.1 3.0 6.8 3.8 52.9
2008 7.7 2.2 4.8 2.3 -1.2 7.1 1.9 1.5 12.9 7.6 6.8 -1.8 51.8
2009 -0.1 4.4 1.6 -6.0 -0.8 0.4 0.7 0.2 -0.4 -1.2 1.6 3.1 3.5
2010 -0.5 1.5 -0.5 3.4 -0.5 10.6 0.4 4.0 2.4 8.4 8.3 4.7 42.2
2011 0.4 1.0 9.5 7.7 5.1 2.1 0.5 -3.5 2.9 -0.3 4.6 6.0 36.0
2012 -2.3 6.9 10.2 5.5 3.3 9.9 1.5 -3.3 -1.4 6.8 2.2 3.1 42.4
2013 6.1 4.0 3.8 0.5 2.6 -1.1 0.4 -3.1 -1.1 8.2 4.9 -1.4 23.8
2014 -5.7 -0.2 4.6 6.3 -4.0 2.9 2.1 3.2 7.6 6.7 5.2 5.4 34.1
2015 8.5 5.2 2.2 -1.9 0.8 3.8 4.6 3.8 0.8 -3.4 0.6 3.2 28.2
2016 3.3 0.1 -3.5 2.0 0.3 -0.5 1.9 3.2 -1.1 4.0 1.6 3.2 14.5
2017 3.4 7.2 -1.3 2.6 3.4 -0.2 1.1 -1.3 2.1 3.3 2.8 2.3 25.4
2018 -1.2 8.7 3.0 0.9 6.1 5.0 1.5 4.8 -0.1 -6.1 0.9 3.6 27.1
2019 1.3 3.8 0.9 2.1 7.6 -1.5 1.0 1.9 -3.3 4.2 6.5 4.0 28.5
2020 4.6 4.6 5.3 -0.2 0.4 -0.4 1.4 -3.1 -1.5 0.2 0.4 3.8 15.5
2021 -0.0 3.9 1.5 5.7 -0.2 -1.4 2.7 4.9 3.8 3.0 -0.4 4.7 28.2
2022 -0.3 3.0 2.5 3.3 4.1 -0.5 0.5 0.2 -0.7 3.0 4.3 1.7 21.1
2023 2.4 2.4 -2.5 -0.5 -1.6 6.1 -1.9 5.7 5.2 3.5 2.2 2.2 23.2
2024 3.9 -0.9 1.2 1.3 -0.5 4.2 1.5 9.6 2.3 1.6 4.7 0.6 29.5
2025 1.2 1.3 0.6 -0.4 2.3 4.9 0.8 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 7.9 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.9
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 -1.6 -8.4 -29.9 10.3 8.6 8.8 8.3 -3.4 -4.8 -0.7 15.9 9.3 12.4
2021 -3.3 -4.4 6.0 1.9 6.2 0.5 -3.9 -2.5 -6.6 -6.7 -1.5 2.9 -11.4
2022 7.0 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.0
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
ibov
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 14.7 0.6 -1.7 6.4 -9.5 0.3 1.2 -2.3 0.6 7.7 6.8 6.1 30.9
2007 0.4 -1.7 4.4 6.9 6.8 4.1 -0.4 0.8 10.7 8.0 -3.5 1.4 37.9
2008 -6.9 6.7 -4.0 11.3 7.0 -10.4 -8.5 -6.4 -11.0 -24.8 -1.8 2.6 -46.2
2009 4.7 -2.8 7.2 15.6 12.5 -3.3 6.4 3.1 8.9 0.0 8.9 2.3 63.5
2010 -4.6 1.7 5.8 -4.0 -6.6 -3.3 10.8 -3.5 6.6 1.8 -4.2 2.4 2.9
2011 -3.9 1.2 1.8 -3.6 -2.3 -3.4 -5.7 -4.0 -7.4 11.5 -2.5 -0.2 -18.5
2012 11.1 4.3 -2.0 -4.2 -11.9 -0.2 3.2 1.7 3.7 -3.6 0.7 6.1 8.9
2013 -2.0 -3.9 -1.9 -0.8 -4.3 -11.3 1.6 3.7 4.7 3.7 -3.3 -1.9 -15.7
2014 -7.5 -1.1 7.0 2.4 -0.7 3.8 5.0 9.8 -11.7 0.9 0.2 -8.6 -0.5
2015 -6.2 10.0 -0.8 9.9 -6.2 0.6 -4.2 -8.3 -3.4 1.8 -1.6 -3.9 -12.3
2016 -6.8 5.9 17.0 7.7 -10.1 6.3 11.2 1.0 0.8 11.2 -4.6 -2.7 36.9
2017 7.4 3.1 -2.5 0.6 -4.1 0.3 4.8 7.5 4.9 0.0 -3.1 6.2 25.1
2018 11.1 0.5 0.0 0.9 -10.9 -5.2 8.9 -3.2 3.5 10.2 2.4 -1.8 16.4
2019 10.8 -1.9 -0.2 1.0 0.7 4.1 0.8 -0.7 3.6 2.4 0.9 6.8 28.3
2020 -1.6 -8.4 -29.9 10.3 8.6 8.8 8.3 -3.4 -4.8 -0.7 15.9 9.3 12.4
2021 -3.3 -4.4 6.0 1.9 6.2 0.5 -3.9 -2.5 -6.6 -6.7 -1.5 2.9 -11.4
2022 7.0 0.9 6.1 -10.1 3.2 -11.5 4.7 6.2 0.5 5.5 -3.1 -2.4 7.0
2023 3.4 -7.5 -2.9 2.5 3.7 9.0 3.3 -5.1 0.7 -2.9 12.5 5.4 22.1
2024 -4.8 1.0 -0.7 -1.7 -3.0 1.5 3.0 6.5 -3.1 -1.6 -3.1 -4.3 -10.3
2025 4.9 -2.6 6.1 3.7 1.5 1.3 -4.2 – – – – – 10.7
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2022 6.7 -5.2 8.8 -8.4 -1.8 -16.3 5.2 10.9 -1.8 7.3 -11.2 -3.0 -8.8
2023 2.9 -10.5 -1.7 1.9 13.5 8.2 3.1 -7.4 -2.8 -7.4 12.5 7.0 19.3
2024 -6.6 0.5 2.2 -7.8 -3.4 -0.4 1.5 4.5 -4.4 -1.4 -4.5 -7.8 -27.6
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2020 0.5 -8.3 -35.1 10.2 5.1 14.4 9.5 -1.2 -5.4 -2.3 16.6 7.5 11.5
2021 -3.4 -1.8 4.6 4.4 6.3 1.3 -5.8 -3.8 -6.4 -12.5 -2.3 3.8 -15.6
2022 3.4 -5.2 8.8 -8.4 -1.8 -16.3 5.2 10.9 -1.8 7.3 -11.2 -3.0 -12.1
2023 2.9 -10.5 -1.7 1.9 13.5 8.2 3.1 -7.4 -2.8 -7.4 12.5 7.0 19.3
2024 -6.6 0.5 2.2 -7.8 -3.4 -0.4 1.5 4.5 -4.4 -1.4 -4.5 -7.8 -27.6
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9
smll
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year %
year
2006 14.3 2.0 -0.2 1.0 -7.9 1.1 -0.3 3.2 2.9 7.2 10.0 7.6 40.9
2007 -2.7 0.6 3.7 7.4 9.5 2.8 0.6 -2.9 4.1 4.4 -6.1 -1.3 20.1
2008 -11.1 7.7 -10.4 10.7 10.3 -9.5 -2.7 -10.4 -23.3 -27.0 -2.5 3.8 -64.4
2009 0.0 -4.9 2.6 32.6 12.2 0.6 16.0 7.9 7.4 2.6 12.6 4.8 94.4
2010 -3.7 3.2 -1.4 -0.4 -3.6 3.0 11.9 0.3 5.2 6.3 -1.0 1.9 21.7
2011 -8.3 0.8 6.2 0.1 -0.1 -2.7 -6.4 -2.6 -7.2 6.9 -4.1 0.8 -16.6
2012 8.2 9.4 1.9 -0.3 -11.1 0.9 2.0 8.0 2.9 -0.6 -0.6 6.6 27.3
2013 0.3 0.2 -4.0 -0.2 -2.0 -10.0 0.5 -2.0 5.3 -1.1 -1.0 -1.7 -15.7
2014 -8.5 -1.0 4.3 -1.0 1.1 2.7 -3.4 7.6 -9.4 -1.6 -0.5 -7.3 -17.0
2015 -12.1 5.6 0.9 3.0 -2.4 -1.2 -3.8 -9.1 -2.7 5.5 -2.0 -5.3 -23.6
2016 -8.5 4.7 11.4 5.6 -4.2 9.1 14.6 0.2 0.1 7.0 -8.4 -0.5 31.1
2017 11.4 5.7 -1.5 3.4 -1.0 0.4 8.1 8.6 3.7 -1.5 -2.4 7.0 41.9
2018 4.3 -0.4 0.1 2.4 -11.3 -3.7 5.1 -4.2 -2.0 12.6 4.8 2.1 9.8
2019 9.4 -1.8 0.1 1.7 2.0 7.0 6.8 0.5 2.1 2.3 5.1 12.7 47.9
2020 0.5 -8.3 -35.1 10.2 5.1 14.4 9.5 -1.2 -5.4 -2.3 16.6 7.5 11.5
2021 -3.4 -1.8 4.6 4.4 6.3 1.3 -5.8 -3.8 -6.4 -12.5 -2.3 3.8 -15.6
2022 3.4 -5.2 8.8 -8.4 -1.8 -16.3 5.2 10.9 -1.8 7.3 -11.2 -3.0 -12.1
2023 2.9 -10.5 -1.7 1.9 13.5 8.2 3.1 -7.4 -2.8 -7.4 12.5 7.0 19.3
2024 -6.6 0.5 2.2 -7.8 -3.4 -0.4 1.5 4.5 -4.4 -1.4 -4.5 -7.8 -27.6
2025 6.1 -3.9 6.7 8.5 5.9 1.0 -6.4 – – – – – 17.9

Top 10 Stocks Long Holdings

As of August 01, 2025

Stocks % of NAV
SAPR11 2.99
PSSA3 2.99
BMOB3 2.99
CSMG3 2.99
ODPV3 2.68
PETR4 2.64
ALOS3 2.62
MYPK3 2.59
VULC3 2.52
TGMA3 2.50

Top 10 Stocks Short Holdings

As of August 01, 2025

Stocks % of NAV
SOJA3 -4.29
ORVR3 -4.29
RAIL3 -4.29
AGRO3 -4.29
NATU3 -4.28
AURE3 -3.97
MRVE3 -3.84
BRKM5 -3.68
IGTI11 -3.55
DXCO3 -3.02

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Stocks Holdings

As of August 01, 2025

Side Number of companies
Long 62.00
Short 70.00

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Sectors Exposure

As of August 01, 2025

Sectors B3 NetLongShort
Consumo Cíclico 9.8528.10-18.24
Financeiro 4.8014.45-9.65
Comunicações 4.354.350.00
Petróleo Gás E Biocombustíveis 2.396.62-4.23
Tecnologia Da Informação -1.262.99-4.25
Utilidade Pública -1.4415.38-16.82
Saúde -1.504.52-6.02
Bens Industriais -6.566.46-13.03
Materiais Básicos -10.203.25-13.45
Consumo Não Cíclico -17.754.13-21.88
Caixa 0.000.000.00
Total -17.3190.26-107.57

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Multiples

As of August 01, 2025

Indicators LongShortMarket (IBOV)
P/L 8.90-8.209.40
P/FCF 4.90-11.909.20
EV / FCF 7.90-24.608.70
EV / EBITDA 4.208.004.30
P/B 1.201.101.40
Div Yield 15.502.7011.20
ROE 13.40-13.4014.80
ROIC 10.803.6011.10
CROCI 19.505.3019.10
FCFROIC 11.40-3.4010.70
MgBruta 38.1017.5044.00
MgEBIT 20.004.7025.30
MgLL 8.70-4.8018.00
MgFcOp 27.105.2032.80
MgFCF 15.80-3.3018.40
DividaL / PL 0.701.100.40
EBITDA / DividaL 0.600.300.70
FCF / PassivoC 0.50-0.100.50
Borrow Yield 0.502.801.20
ADTV (MM) 98.8049.90409.30
wVol 28.0036.9027.50
wBeta 0.800.700.90

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